If you are unlucky enough to be a normal American, your take-home pay will most likely go down as a result of Boehner et al.’s capitulation to the Taxer and Spender in Chief. That’s because you don’t have a seat at the table, like Hollywood — and like the deafeningly sanctimonious advocate of higher taxes Warren Buffett.
As ABC reports, the bill includes
$331 million for railroads by allowing short-line and regional operators to claim a tax credit up to 50 percent of the cost to maintain tracks that they own or lease.
A relevant earlier report from Bloomberg reveals:
Warren Buffett’s Berkshire Hathaway Inc. (BRK/A) plans to boost capital spending at its railroad to $3.9 billion this year, an increase of 11 percent from 2011, as the company adds capacity for coal shipments. …
The railroad’s plan calls for $400 million in terminal, intermodal-expansion and efficiency projects, including on coal routes. The rail serves mines in the Western U.S., including Wyoming’s Powder River Basin, which holds the largest and cheapest U.S. reserves of the power-plant fuel.
It has been suggested that Buffett’s financial interest in transporting fuel by rail also explains his crony Obama’s otherwise incomprehensible opposition to the Keystone XL pipeline.
If this surprises you, welcome to the sordid reality of liberal class warfare politics, by which the rich get richer when they convince idiots to hate them.
On a tip from Ghost of FA Hayek.